University position
We know how important it is for all USS members to retain an attractive pension offering at an affordable rate, and want those at Kent to understand what the proposals mean for them.
The results from the 2023 USS valuation are encouraging and reflect the change in the financial markets although volatility remains. Based on the available information, we support the proposal to improve benefits to pre-April 2022 levels from April 2024 whilst also reducing both member and employer contribution rates as we believe that there is sufficient evidence of stability and affordability.
There are questions remaining around the use of the surplus in the pension scheme and our view is that this should be used to help protect the scheme and its stakeholders (both members and employers) from any future negative effects on the scheme assets and/or liabilities and to reduce the probability of future changes being required in subsequent valuations.
Kent will continue to fully engage in the consultation process and the ongoing review of scheme stability, scheme governance, investment strategy and additional considerations such as Conditional Indexation.